According to the Denver Post, O'Reilly will make $5.8 million this season and $6.2 million in year two of the deal.

O'Reilly, the 2014 Lady Byng Memorial Trophy winner for sportsmanship and gentlemanly conduct combined with a high standard of playing ability, led the Avs with 28 goals and added 36 assists for 64 points last season. He also led the NHL with 83 takeaways, marking the second time in his career that he's paced the league in that category (2011-12).

Additionally, O'Reilly was called for just one minor penalty all season, joining Butch Goring (1977-78, Los Angeles) as the only players ever to receive two or fewer PIM over 80 or more games.

"We are pleased to have Ryan under contract," said Avalanche vice president of hockey operations Joe Sakic in a statement Wednesday. "We are looking at the upcoming training camp and season with a lot of excitement."

Just 23 years old, O'Reilly has already played five seasons in the league, all with the Avs, and has 73 goals and 118 assists for 191 points.